InfoAnda - "Flood" tax an extra headache for Australia retailers

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Capitalism the villain as Moore movie hits Venice | Entertainment | | 30 August 2009
"Huge" marks advance for fat acceptance in Hollywood | 30 June 2010
Pakistan: Anti-Christian riots prompt law review | 7 August 2009

Kings of Leon abandon U.S. concert due to pigeon poop | 26 July 2010

Forum Views () Forum Replies ()

Read more with google mobile : "Flood" tax an extra headache for Australia retailers

Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam "Flood" tax an extra headache for Australia retailers Reuters - 1 hour 45 minutes ago Send IM Story Print By Cecile Lefort SYDNEY - Australia's new "flood" tax is likely to deal another blow to the nation's retailers, already struggling to deal with more frugal shoppers, online competition and a hawkish central bank. The government's new income tax of up to 1 percent, on middle to higher income-earners, will raise A$1.8 billion to help fund flood reconstruction work -- a boon for builders and engineers but yet another dampener for household budgets. "With consumers already cautious, a new tax is not a positive -- it's another headwind," Su-Lin Ong, senior economist at RBC Capital Markets, said after Canberra announced the temporary tax to fund a massive flood-recovery effort. Australia's retail sector, dominated by a handful of domestic chains long accustomed to fat profit margins and limited competition, has emerged from the global financial crisis to find households in a new, more conservative mood. Worryingly for the big retailers, such as department stores Myer Holdings and David Jones Ltd, there are some signs that consumer habits are changing for good. "Frugal is the new black," said Margy Osmond, chief executive of the Australian National Retailers Association, which represents the nation's major retailers. "The Australian consumer is considerably more conservative than ever...and will shop only if there is a bargain." The retail sector is struggling at a time when the wider Australian economy is in good health. Despite floods inundating huge areas of eastern Australia over the past month, causing up to $10 billion or more in estimated damage and losses, Australia remains on a growth trajectory, powered by a commodities boom. Australia sailed through the global downturn of the past two years without a recession, but households still received a fright, with interest rates climbing sharply, prompting them to pay down debt or save like they had rarely done before. TIGHT PURSE STRINGS Australian retail spending grew by only 1.3 percent in the year ended in November, compared with an annual historical growth of 5 to 6 percent. This year consumers appear to be just as miserly, even as incomes increase and the jobless rate falls to 5.0 percent. Retail sales account for a quarter of Australia's A$1.3 trillion economy and the sector is the second-biggest employer after health with about 11 percent of all jobs. "We don't see a real bright prospect for 2011, it will probably be the same as last year," said Russell Zimmerman, head of the Australian Retailers Association , a lobby group that says it represents the entire retail industry. Some attribute Australia's lacklustre consumption to poor quality of service compared with offshore retailers. "Perhaps retailers need to look back at themselves and see what services they are giving because there is a lot of talk by consumers that they are unhappy with the service level they are getting," said Zimmerman of the ARA. Staff at large Australian department stores in particular have been criticised for being rude and slower and less efficient than in other major world centres, particularly the United States, parts of Europe, Hong Kong and Singapore. Standard trading hours in Australia are also much shorter than offshore peers, with most shops closing between 5pm and 6pm and even earlier on Saturdays. Australian retailers have also been criticised for offering a limited range of products at prices inflated by heavy taxes and higher wages. A Clinique lip balm, advertised by the cosmetics firm in its U.S. and Australian websites, costs $14 in the United States but A$32 in Australia, though the two currencies are near parity. Similarly, Apple Inc's iPhone 4 with 16 gigabytes of memory costs A$859 in Australia, a 43 percent premium over the $599 price tag showed on Apple's U.S. websites. GOING ONLINE As a result, Australians are increasingly shopping online. Online sales, which are not necessarily captured by official statistics, are expected to grow 5 percent in the year to June, according to research firm IBISWorld. Experts point out that Australians save up to 50 percent off retail prices by shopping on overseas sites, particularly so with the ascension of the Australian dollar. The Aussie dollar gained 8 percent against the U.S. dollar in the past year and a stunning 15 percent against the euro. The luxury industry, which has stayed away from discounting campaigns, could emerge as one of the rare winners this year. "Some of have done quite well and as the economy comes better... it's an area where we probably will see some growth," said ARA's Zimmerman. In contrast, fashion and footwear will likely struggle as the price of cotton has soared and labour costs in China have climbed, he added. Electronics retailers may also suffer because of higher-than-usual deflation due to a strong Australian dollar, eroding retailers' profit margins. But restrained shopping is far from displeasing everyone. Indeed, the central bank welcomes a more sober attitude by consumers, to help make room for the nation's booming mining sector to expand without adding further to price pressures. It has lifted its cash rate 175 basis points since late 2009, taking it to 4.75 percent. The market is now pricing in 30 bps of tightening for the next 12 months. Recommend Send IM Story Print Related Articles Thai government, army deny coup claims AFP - 17 minutes ago China's Li reaches historic Slam final AFP - 25 minutes ago New outcry over charges in China hit-and-run AFP - 39 minutes ago Tiananmen duo denounce Hong Kong entry ban AFP - 1 hour 6 minutes ago Australia imposes new tax to fund flood recovery Reuters - 1 hour 21 minutes ago News Search Top Stories US Fed stands firm on stimulus deal Cruz, Bardem baby boy 'doing great': spokeswoman Marooned Miami bay piano strikes odd note Bad eating can give you depression: study Medvedev uses Davos meet as defiant show against terror More Top Stories » ADVERTISEMENT Most Popular Most Viewed T. rex still king, says dino study Bad eating can give you depression: study BBC World Service axes five language services Cruz, Bardem baby boy 'doing great': spokeswoman Kids who misbehave face trouble as adults: study More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2011 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

Other News on Thursday, 27 January 2011
Unprecedented anti-government protests rock Egypt
NATO, Russia vow unity on terrorism, disagree on shield
Russia fires officials over airport bombing
Egypt protests escalate as US urges concessions
Sony handheld to take on Nintendo DS, smartphones
Secret files 'reveal British plan to weaken Hamas'
Heritage makes giant gas find in Iraqi Kurdistan
Number of Internet users worldwide reaches 2 bln: UN
Studio used by Al Jazeera ransacked in West Bank
Medvedev uses Davos meet as defiant show against terror
Google widens access to Israel's Holocaust archives
Ahmadinejad slams rivals in Iran power struggle
Dow Jones index hits 12,000 points
Bomb found near police station in Belfast |
Headless Conficker worm lives in computers
Iraqi journalists face sacks of gold, fists of fire
Nuclear weapons risk spreading due to impasse: Ban |
Boeing fourth-quarter profits slump on lower sales
New Lebanon PM prepares to form govt, streets quiet
Paintballs leave stain on Gaza ship raid tactics |
Mobile app industry to surge in 2011: Gartner
Mystery WWII photos launch German war crimes probe |
US roadside bomb casualties rise in Afghanistan
S. Korea to airlift home rescued ship captain
US-TECH Summary
Vietnam ex-communist dissident jailed for 8 years
Sony handheld to take on Nintendo DS, smartphones
Indonesia arrests 'smuggler' over immigrant deaths
French actress Sagnier sees herself as 'free agent'
Consumer tech invades Davos, wider corporate world |
Microsoft sells 2 million phones in quarter |
Intel wins EU approval for McAfee deal |
VantagePoint sees big clean tech deals in 2011 |
Facebook says no major changes in Egypt traffic |
Apple removes banned Nazi anthem from German iTunes |
Russia says Stuxnet could have caused new Chernobyl |
Another lawsuit for the group behind Golden Globes |
UK university awards first Beatles studies degree |
Will Smith, Jay-Z team to remake Annie |
Country music legend Charlie Louvin dies |
Sundance documentaries offer broad view of the world |
Oscar extends warm welcome to newcomer nominees |
US-TECH Summary
Intel wins EU approval for McAfee deal
Russia says Stuxnet could have caused new Chernobyl
Kodak loss mounts on digital sales, shares fall
Facebook says no major changes in Egypt traffic
Obama pushes expanding high-speed wireless service
Google buys SayNow, fflick
New media blocked in Egypt as protesters find new tool
Tablet boom boosts PC market in Q4: Canalys
Consumer tech invades Davos, wider corporate world
U.S. shifts tone, bluntly urges Mubarak to reform now
'Slavic militant' sought over Moscow bombing
Verizon struggles with BlackBerry data traffic
Egypt unrest enters third day, ElBaradei to return |
US Fed stands firm on stimulus deal
Factbox
Loyalists of ousted Tunisia leader expected to go |
NY Times details rocky relationship with WikiLeaks
Cruz, Bardem baby boy 'doing great': spokeswoman
Colombia coal mine blast kills 20, regulator says |
Marooned Miami bay piano strikes odd note
The Decemberists Earn First #1 Album On Billboard With "The King Is Dead"
Facebook lets advertisers 'sponsor' user updates
Paintballs leave stain on Gaza ship raid tactics
Bad eating can give you depression: study
Karzai opens Afghan parliament, taunts West |
Michael Jackson’s doctor pleads not guilty to manslaughter charge
Egypt trade minister cancels Davos trip
Australia imposes new tax to fund flood recovery |
BP chief defends new exploration deal
Haiti ruling party pulls candidate from election |
No 'major changes' in traffic from Egypt: Facebook
Muslim birth rate falls, population to grow more slowly |
Tiananmen duo denounce Hong Kong entry ban
Google buys SayNow, fflick
Australia imposes new tax to fund flood recovery
Netflix profit up, adds more subscribers
Australians face flood recovery tax
Microsoft sells 2 million phone software units
U.S. says Tunisia's government must do more on democracy
China's Li reaches historic Slam final
Russia calls for NATO probe into Iran cyber strike
"Flood" tax an extra headache for Australia retailers
Apple removes banned Nazi anthem from German iTunes
Sony unveils NGP handheld; takes on DS, smartphones
'The Hobbit' delayed as Jackson undergoes surgery
New outcry over charges in China hit-and-run
Mumbai's washermen fear rise of the machines
FCC grants LightSquared airwaves waiver
Sony unveils NGP handheld to take on DS, smartphones |
US-ENTERTAINMENT Summary
Special Report: Can Samsung change with the tech times? |
Japan star Kagawa out of Asian Cup final
Oscar race a multimillion-dollar gamble for studios
Nintendo Q3 profit down 46 percent, keeps outlook |
Chinese fugitive briefly a web sensation
Jimmy Buffett out of Sydney hospital after tumble
Microsoft set to report lower profit on stale PC growth |
Will Ferrell to appear on "The Office"
Macau tycoon coerced in family brawl, lawyer says
Tablets to make up 10-15 percent of PC market: Lenovo |
MTV stands by racy teen drama "Skins"
Never any hope of New Zealand mine rescue: coroner
Buffett gets all clear after Australia stage dive
Verizon struggles with BlackBerry data traffic |
Motorola smartphones disappoint, iPhone already weighs |
Motley Crue's Neil jailed 15 days for drunk driving
"Teen Mom" hits season-high ratings
Netflix profit jumps as it adds customers; shares up |
Nissan turns new Leaf with all-electric car
Seoul shares up 0.2 pct; foreign buying helps
Medvedev stands firm on terror at Davos meet
Taiwan stocks end up; chip firms rise on positive outlook
China White Rabbit sweets hop into Lunar New Year
Japan export growth signals recovery
The CW’s “Vampire Diaries” urges fans to “Catch VD”
Knife-wielding New Yorker holds parents hostage, then surrenders
Challenges remain for booming India
Dow briefly crosses 12,000 mark on strong home sales
CDC: 26 million Americans now suffering from diabetes
Hynix earnings sink on weak chip prices
Government commission says regulators failed in 2008 stock market crash
Penelope Cruz has son with Javier Bardem |
Fuel price rise hits Korean Air profit
Reports: U.S. proposed resettling Palestinians to South America
Director Jackson's surgery to delay Hobbit filming |
TN man kidnaps son-in-law, trades him for Xbox 360
Seoul shares up 0.2 pct; foreign buying helps
MTV stands by racy teen drama Skins |
Abbott to cut 2 percent of workforce; reports 13 percent sales jump
1.7 million Toyota vehicles recalled over fuel leak issues
Kristen Stewart courted for Snow White |
Jimmy Buffett out of Sydney hospital after tumble |
UN agency counts 2 billion Internet users
Olsen twins' kid sister a Sundance sensation |
Oscar race a multimillion-dollar gamble for studios |
Will Ferrell to appear on The Office |
Sony unveils NGP handheld to take on DS, smartphones
'Second minor' at Berlusconi parties: report
Mubarak under pressure as protests escalate in Egypt
RIM says no access to corporate email in India
Rosneft, Exxon ink Black Sea exploration deal
At least '1,000 arrested' in Egypt protests
Canon sees 2011 profit up 21 percent on sales jump
Rare Sumatran tiger gives birth to three cubs
Thousands march in Yemen to demand change of government |
China rabbit cartoon blocked after skewering govt
Bomb at Iraq funeral kills 35, clashes erupt |
Nintendo Q3 profit down 46 percent, keeps outlook
Hariri bloc will not join new Lebanon government |
Tablets to make up 10-15 percent of PC market: Lenovo
Ukraine ex-PM faces new charges over vehicles purchase |
Special Report: Can Samsung change with the tech times?
Mandela hospitalization raises concern over health |
New scandal documents pile pressure on Berlusconi |
Nokia warns of weak start to 2011 as profit slips
Russian Islamist wanted for Moscow blast: report |
American kills Pakistani in 'self defence': police
Tennis: Djokovic upsets Federer for new order final
Global Weather-Celsius
Special report: Can Samsung change with the tech times?
India's Supreme Court orders government to probe black money
Clijsters, Li set up historic Aus Open final
US-TECH Summary
Indonesia says food security must be G20 priority
Sony's NGP handheld to take on DS and smartphones
Airlines cancel flights to Bali as Indonesia volcano erupts
New letters show human side of J.D. Salinger
Kenyan's mission: solar lamps to empower the poor
Facebook denies to launch branded phones with HTC |
Suzhou hotel launches most expensive New Year's Eve dinner in China
Prestigious line-up for 20th Enescu music festival
There's something about 'Kristie'
When will your tax refund arrive? There's an app for that |
Kristen Stewart courted for "Snow White"
COMMENTARY: Thai PM could end up with egg on his face
Director Jackson's surgery to delay "Hobbit" filming
Taiwan's Jay Chou spices up 'The Green Hornet'
AT&T shares fall on disappointing results |
Special report: Can Samsung change with the tech times? |
RIM says no access to corporate email in India |
Nokia warns of weak start to 2011 as profit slips |
Pakistan's forex reserves jump to record $17.3 bln
S.Korea fin min: inflation is top policy priority
Japan's credit rating downgraded
Sony unveils new 'NGP' portable PlayStation
Canon net profit nearly doubles
China's first Disney Store to open in 2012
Nintendo nine-month net profit plunges 74.3%
Carrie Fisher is fat but not like Jabba the Hutt |
Chinese tycoon hands out cash in Taiwan
Nokia warns of weak start to 2011 as profit slips
Special report: Can Samsung change with the tech times?
Lenovo and NEC may work on smartphone development
Lenovo, NEC in Japanese joint venture to sell PCs
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph		BlogMeter 1.01